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Would you take out a small loan if you were me?

Here's the deal:
19 year old SAHM
DF works but is looking for a 2nd job to bring in more cash because we squeeze by every month. His car is getting repo'd or he will have to surrender it sometime in the next 3months because he is going to be filing bankruptcy this friday and he is not keeping the car, can't afford to.
We no longer have a cell phone, will be getting a home phone
and we're on food stamps so we can buy food, or we'd starve otherwise

I go to school full-time because my mom keeps me and my son on her health care as long as I stay a full-time student. I also get to keep my dental, and I have awful genetics with teeth so I need it.

Anyway. I am looking into buying a cheap little car 3k at the most, school supplies, and a cheap computer for school as well. I'm thinking a 5k loan.

I have one macy's card which is in good standing.

 
Anonymous

Asked by Anonymous at 1:02 AM on Aug. 12, 2010 in Money & Work

This question is closed.
Answers (9)
  • Can you get any money for financial aid or some type of grants since you're in school? I know here they not only pay for school, but also give extra money which can help for things like rent, etc.

    If you think you can keep up with the payments for a loan nd won't go into debt with it than go for it if you need the money.

    However, I don't know how bankruptcy works exactly but if you are married and your spouse is filing bankruptcy it may affect your qualifications to get a loan.

    Good luck though! I hope everything works out.
    jessicarae787

    Answer by jessicarae787 at 1:24 AM on Aug. 12, 2010

  • also
    should I take out a student loan or personal loan to cover the 5k

    What will be easier to get with barely any history
    Anonymous

    Comment by Anonymous (original poster) at 1:04 AM on Aug. 12, 2010

  • How will you pay the loan back?
    mamaofficer

    Answer by mamaofficer at 1:32 AM on Aug. 12, 2010

  • To me it would be unwise to get a loan knowing that your DF is filing for bankruptcy and you're not even working. Wouldn't it make more sense to wait until he finds a 2nd job and saves up enough money to buy all those things in cash. I don't see how going back into debt when it is proven it could not be handled the first time around is a good idea.

    SylviaNCali

    Answer by SylviaNCali at 1:49 AM on Aug. 12, 2010

  • Well the money to pay the loan back each month will be the DF and I aren't married so his financial issues don't effect my credit at all. His debt is his debt, I have debt but its paid for my me and it's not much. My financial aide only covers my school expenses, tuition in other words, so no help there. And I would wait until he got a second job but with no car and no school books he'll end up losing his job and I'll fail my classes, most likely. I don't have time to sit in a library 24/7 and he works all types of hours.
    Anonymous

    Comment by Anonymous (original poster) at 1:59 AM on Aug. 12, 2010

  • Oh
    and I'm only taking out a loan if I can find a part time job, which I am looking so it can't happen now anyway
    Anonymous

    Comment by Anonymous (original poster) at 2:07 AM on Aug. 12, 2010

  • You can probably get a student loan. You can either pay the interest payments now or start paying the entire loan after graduation. You should also apply for all scholarships offered at your school. Any grants that you receive, whatever is left after paying tuition & books can be used for other expenses. Housing & transportation are school related expenses.
    motherofhope98

    Answer by motherofhope98 at 5:58 AM on Aug. 12, 2010

  • If you cannot afford a car or food how are you going to pay back a loan? Not trying to be rude just curious.

    lapcounter

    Answer by lapcounter at 9:54 AM on Aug. 12, 2010

  • You can try to get a loan, but even with one credit card in good standing, if your credit history is short, your credit score will be low. You might not even qualify for a loan. Not to meantion, you will also have to pay for car insurance and a low credit score will mean having to pay a higher insurance rate. You're better off building your credit.
    HotMama330

    Answer by HotMama330 at 12:37 PM on Aug. 12, 2010

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